Question : Jeremy Fenloch borrowed some money from his friend and promised : 3347

Jeremy Fenloch borrowed some money from his friend and promised to repay him $1,300, $1,380, $1,540, $1,600, and $1,640 over the next five years. If the friend normally discounts investment cash flows at 10.0 percent annually, how much did Jeremy borrow? (Round answer to 2 decimal places, e.g. 15.25.)